The company’s current assets – including the swapping station network as well as its products – will also move to the JV. “These comprise around 5%-7% of the total USD 1 billion overall investment,” said Maini. Going forward, Sun Mobility will raise fresh capital to fund its aggressive expansion plans, he added.
Sun Mobility, he said, currently does 1.7 million battery swaps a month spread across 630 stations. “We would like to double that in six to eight months,” said Maini. That will not only happen thanks to the expansion of the network – Sun Mobility plans to use both the IOC network as well as other outlets to cater to different segments of EVs – but also product categories.
“Currently Sun Mobility is focused on commercial usage of both passengers and goods whether it is fleet operators or single owners but by March we will be looking at entering the B2C side of the business with a product for scooters. Earlier all our products catered to the B2B market but now we will have B2C products too. Although B2B is still our focus we will add more B2C OEMs and products,” he added.
The latest in the business expansion is a modular battery swapping technology for heavy electric vehicles that Sun Mobility is introducing in partnership with Bengaluru-based bus maker Veera Vahana. The partnership has launched a 10.5 meter battery swappable bus for intercity transportation. This takes Sun Mobility outside of its focus area of electric two and three wheelers and into heavy electric vehicles.
“We have designed a robotic station which will swap battery in less than three minutes which we are showcasing for the 10.5 meter heavy electric bus,” said Maini. “We are launching a closed loop network where a certain number of vehicles like buses or trucks will be committed on that corridor in partnership with the OEM,” he added.
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